Astera Labs, Inc. $ALAB Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Astera Labs, Inc. (NASDAQ:ALAB) by 6.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 342,169 shares of the company’s stock after buying an additional 19,250 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Astera Labs were worth $121,802,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ALAB. Mirae Asset Global Investments Co. Ltd. purchased a new position in Astera Labs during the third quarter worth $134,512,000. ProShare Advisors LLC lifted its position in shares of Astera Labs by 9.4% in the third quarter. ProShare Advisors LLC now owns 184,326 shares of the company’s stock valued at $65,615,000 after acquiring an additional 15,841 shares in the last quarter. Vise Technologies Inc. lifted its position in shares of Astera Labs by 25.9% in the third quarter. Vise Technologies Inc. now owns 4,542 shares of the company’s stock valued at $1,617,000 after acquiring an additional 933 shares in the last quarter. Harbour Trust & Investment Management Co lifted its position in shares of Astera Labs by 7.2% in the third quarter. Harbour Trust & Investment Management Co now owns 47,233 shares of the company’s stock valued at $16,814,000 after acquiring an additional 3,160 shares in the last quarter. Finally, Bosman Wealth Management LLC boosted its stake in shares of Astera Labs by 53.7% during the third quarter. Bosman Wealth Management LLC now owns 3,739 shares of the company’s stock valued at $1,331,000 after acquiring an additional 1,306 shares during the last quarter. Hedge funds and other institutional investors own 60.47% of the company’s stock.

Astera Labs Stock Performance

ALAB stock opened at $229.67 on Tuesday. The company has a 50 day moving average price of $307.01 and a two-hundred day moving average price of $255.22. The stock has a market capitalization of $39.85 billion, a P/E ratio of 113.70 and a beta of 3.68. Astera Labs, Inc. has a one year low of $97.89 and a one year high of $499.48.

Astera Labs (NASDAQ:ALAB) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.11. Astera Labs had a return on equity of 19.24% and a net margin of 30.74%. The company had revenue of $392.40 million for the quarter, compared to analyst estimates of $360.85 million. During the same quarter in the prior year, the company posted $0.44 EPS. The business’s revenue for the quarter was up 104.5% compared to the same quarter last year. Research analysts forecast that Astera Labs, Inc. will post 2.71 earnings per share for the current fiscal year.

Analyst Ratings Changes

ALAB has been the subject of a number of recent research reports. Roth Capital reiterated a “buy” rating and set a $450.00 price objective on shares of Astera Labs in a research report on Wednesday, August 5th. Northland Securities downgraded shares of Astera Labs from an “outperform” rating to a “market perform” rating in a research note on Friday, October 9th. Zacks Research lowered shares of Astera Labs from a “strong-buy” rating to a “hold” rating in a report on Monday, October 5th. TD Cowen reduced their target price on shares of Astera Labs from $375.00 to $300.00 and set a “hold” rating on the stock in a report on Monday, October 19th. Finally, Susquehanna raised their price target on shares of Astera Labs from $230.00 to $275.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Eleven investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $340.79.

Insiders Place Their Bets

In other news, Director Manuel Alba sold 183,000 shares of Astera Labs stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $280.13, for a total value of $51,263,790.00. Following the completion of the sale, the director owned 253,863 shares of the company’s stock, valued at $71,114,642.19. The trade was a 41.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Sanjay Gajendra sold 90,630 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $340.35, for a total value of $30,845,920.50. Following the completion of the transaction, the chief operating officer owned 1,119,038 shares of the company’s stock, valued at $380,864,583.30. The trade was a 7.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 408,558 shares of company stock valued at $127,306,034. 10.40% of the stock is currently owned by company insiders.

Astera Labs Profile

Astera Labs, Inc is a semiconductor and connectivity solutions company that develops hardware and software for data centers, cloud computing, and artificial intelligence infrastructure. Its products are designed to help move data between processors, memory, storage, and networking components while addressing bandwidth, latency, and system-management requirements.

The company’s portfolio includes Aries PCI Express and Compute Express Link (CXL) Smart Retimers, Taurus Ethernet Smart Cable Modules, Scorpio Smart Fabric Switches, and Leo CXL Memory Connectivity Controllers.